Holland & Knight Advises Six Colombian Creditors on Debt Reprofiling Agreement with Construcciones El Cóndor S.A.

BOGOTÁ (June 14, 2024) – Holland & Knight advised six Colombian creditors, including Banco de Bogotá S.A., Banco de Occidente S.A., Itaú Colombia S.A., Banco Santander de Negocios Colombia S.A., Bancolombia S.A. and Instituto para el Desarrollo de Antioquia, on a 191.5 billion Colombian pesos (approximately US$48.6 million) debt reprofiling agreement with Construcciones El Cóndor S.A. The agreement, under which some of the debt obligations that Construcciones El Cóndor has with the creditors will be consolidated, was signed on June 7.

On the same date, an additional agreement was signed and added to the corporate credit agreement granted by Bancolombia S.A. on June 27, 2023, for a value of 62 billion Colombian pesos (approximately US$15.7 million). This addition to the corporate credit agreement establishes that the principal and interest of that loan will be paid under conditions similar to those provided under the debt reprofiling contract, including the maturity date, which will occur on June 7, 2028.

This closing completes the reprofiling of the vast majority of Construcciones El Cóndor's structured debt and working capital that had been implemented with respect to the company's other long-term debt agreements, in which Holland & Knight also advised the creditors, including Davivienda S.A., Machinery Corporation of America Inc., Bancolombia S.A., Banco de Occidente S.A. and Banco de Bogotá S.A.

Headquartered in Medellín, Colombia, Construcciones El Cóndor is a leading construction company with extensive experience in the innovative structuring of road concessions. With 45 years in the infrastructure sector, Construcciones El Cóndor executes urban planning, railway, hydroelectric and mining projects.

Holland & Knight Partner Maria Juliana Saa and Associate Maria Elvira Borrero led the firm's representation of the six Colombian creditors.